PDA

View Full Version : General Politics There goes the 95% of Americans tax breaks ....


ROYC75
09-19-2008, 05:23 PM
OK, we knew this was coming....... Seriously, it's the only way too .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://news.yahoo.com/s/afp/20080919/pl_afp/usbankingfinancecongress;_ylt=AsQlTbBR5AOF6YKH1Q4K1g.yFz4D

Congress ready for bailout, but wants help for middle class !

WASHINGTON (AFP) - Democratic leaders in Congress Friday pledged quick action on a massive finance sector bailout, but set the stage for November's elections by also demanding help for struggling American workers.


Lawmakers appeared stunned by the magnitude of the crisis revealed to them by the Bush administration. Senate Banking Committee chairman Chris Dodd said that untended, the US economy would be in "complete meltdown" within days.

But they admitted there was little option but to go along with the biggest government bid to buy up bad debts and rescue blitzed financial firms in decades, which officials said would cost "hundreds of billions" of dollars.

Democratic House of Representatives speaker Nancy Pelosi said she told President George W. Bush she was committed to "quick, bipartisan action."

But she said care must be taken to insulate normal Americans -- "Main Street" -- from the meltdown in the Wall Street financial sector, and to reduce mortgage foreclosures.

Senate Majority leader Harry Reid also seemed to be eyeing November's congressional elections, in which Democrats hope to swell majorities racked up in the 2006 elections when they captured both the House and Senate.

"To avoid a deepening crisis and turn this economy around, the proposal must not only address the broader, underlying structural issues in the financial markets, but also protect taxpayers and strengthen the middle class."

Reid also struck the "Main Street" theme, as did Democratic presidential candidate Barack Obama in Florida, reflecting the party's coordinated response to the crisis which spiraled out of control last weekend.

And while blaming "failed" Bush administration policies for the turmoil, he pledged to work with the White House, Treasury and Federal Reserve to put it right.

Senator Dodd was asked about the timing of Congressional action on the proposed intervention and whether Congress could act quickly enough to get the package on the table by the end of next week.

"We will see, our hope is that we can do that," Dodd told reporters.

"But, this problem is serious, the clock is not going to determine, if it takes us two weeks we will do it, if it takes us three weeks we will do it."

Dodd said that he and other lawmakers were anxious to learn the specifics of the huge government bailout plan for the financial sector.

"Our intention is, over the weekend, for us to work together. We understand the gravity of the moment. This is an extremely serious time for our country and for the world."

Dodd described a meeting between Treasury Secretary Henry Paulson and top congressional leaders on Thursday night as "about as sobering a meeting as any of us have ever attended in our careers here."

Dodd's fellow Democratic Senator Chuck Schumer said that the administration painted a dire picture to lawmakers of the consequences of a failure to act to shore up the markets amid a global financial crisis.

"The question is what's the alternative. The picture they painted if nothing was done was really troubling, deeply, deeply troubling."

Dodd warned however that lawmakers would not be able to simply use the rescue package to get long sought after projects passed by Congress.

"This will not be a Christmas tree," he said.

"This is not going to be a piece of legislation that involves every idea that everyone's had that they want to attach to this.

"We want to deal with causes and effects here, not just the effects but the causes as well if we're going to bring to closure this serious -- the most serious economic challenge in our lifetime."

Earlier, Dodd warned on ABC television that the situation facing the US economy was dire.

"I've been here 28 years, to listen to the language of last evening, we maybe were days away from a complete meltdown of our financial system," Dodd said.

"One of the rare moments, certainly rare in my experience here, that Democrats and Republicans decided we needed to work together, quickly."

President George W. Bush earlier said his administration was working to mitigate the massive crisis which sent global markets into a tailspin, despite a massive government bailout of insurance giant American International Group and a takeover of mortgage finance firms Fannie Mae and Freddie Mac.

The credit crunch was caused by a meltdown in US home prices after a frenzied boom that induced a wave of investments before a collapse.

banyon
09-19-2008, 05:57 PM
They should just do what McCain is planning to do and borrow the money from the Chinese and tax them the same amount by inflation.

ROYC75
09-19-2008, 10:35 PM
It's just a matter of time that the next president has to raise taxes to offset the cost of this crap ...... It's the only logical way to cut into the deficit.

irishjayhawk
09-19-2008, 10:36 PM
It's just a matter of time that the next president has to raise taxes to offset the cost of this crap ...... It's the only logical way to cut into the deficit.

Wow, Roy finally wakes up to what I've been saying all along.

Logical
09-19-2008, 10:41 PM
Wow if Roy is saying this McCain might even be screwed in Red State America.:evil:

ROYC75
09-19-2008, 10:44 PM
Wow, Roy finally wakes up to what I've been saying all along.

It was possible to cut taxes and spending before this crap, not now. It's insane to think we can recover without the extra revenue ........ Tax across the board, Guess more taxes and social programs to take care of the poor , who is going to get poorer.

This is really going to kill the economy for a long while.

irishjayhawk
09-19-2008, 10:45 PM
It was possible to cut taxes and spending before this crap, not now. It's insane to think we can recover without the extra revenue ........ Tax across the board, Guess more taxes and social programs to take care of the poor , who is going to get poorer.

This is really going to kill the economy for a long while.

That's why I've been livid with Bush. Spending for a war while CUTTING taxes.

It doesn't work.

HolmeZz
09-19-2008, 10:52 PM
It was possible to cut taxes and spending before this crap, not now. It's insane to think we can recover without the extra revenue ........ Tax across the board, Guess more taxes and social programs to take care of the poor , who is going to get poorer.

This is really going to kill the economy for a long while.

Why are you only realizing this now?

ROYC75
09-19-2008, 10:53 PM
That's why I've been livid with Bush. Spending for a war while CUTTING taxes.

It doesn't work.

It's only going to get worst, the bail out, war in Afg. and Pakistan, maybe Iran, who knows ? It can only get worst ...... It will before it gets better.

ROYC75
09-19-2008, 11:00 PM
Why are you only realizing this now?


I have always said the best way to cut the deficit is to cut spending and increase taxes . It is the best and quickest way , period. But to raise taxes on the Americans that are struggling in asinine. Now we have no choice IMHO. This buyout has left us when we can't recover by tax cuts and spending cuts over the long haul. Tax cuts will boost the economy some,but we are so far behind the eight ball now we will never get out that way. The new approach is .....

Taxing all Americans payroll more .....
Maintaining corporate taxes to secure jobs, possibly having an earnings tax for them.
Cutting spending , massive cuts ...... except SSI, which much still find a way to survive.
National health care is still a pipe dream ,now.

Shit the list goes on ...... It's all has changed now ....... Not the CHANGE either candidate had in mind .

RJ
09-19-2008, 11:13 PM
It's only going to get worst, the bail out, war in Afg. and Pakistan, maybe Iran, who knows ? It can only get worst ...... It will before it gets better.


Yeah, you're right Roy. There is a price to be paid. Our children and grandchildren will carry the burden.

BucEyedPea
09-20-2008, 12:52 AM
I have always said the best way to cut the deficit is to cut spending and increase taxes . It is the best and quickest way , period. But to raise taxes on the Americans that are struggling in asinine. Now we have no choice IMHO. This buyout has left us when we can't recover by tax cuts and spending cuts over the long haul. Tax cuts will boost the economy some,but we are so far behind the eight ball now we will never get out that way. The new approach is .....

Taxing all Americans payroll more .....
Maintaining corporate taxes to secure jobs, possibly having an earnings tax for them.
Cutting spending , massive cuts ...... except SSI, which much still find a way to survive.
National health care is still a pipe dream ,now.

Shit the list goes on ...... It's all has changed now ....... Not the CHANGE either candidate had in mind .

Default. ( we have some history doing this.)

Then China owns us.

Logical
09-20-2008, 01:01 AM
Default. ( we have some history doing this.)

Then China owns us.Well I must say they might find it difficult to repossess, and all the repo men are booked.